Since the Affordable Care Act (popularly known as Obamacare) went into effect in 2015, U.S. residents have been required to purchase appropriate health insurance for themselves and their families. If you receive group health insurance through your employer, you are already covered. However, if you are not covered or if you seek additional coverage beyond what your employer provides, the following information will help you choose the right plan for your needs.
4 Tips to Select a Good Policy
1. Choose a Marketplace
To choose a health care marketplace operating in your state, visit the A.C.A’s website, HealthCare.gov, to apply. You can complete the easy-to-follow steps or click on the Quick Start Guide for tips. Open enrollment for 2018 ends December 15, so do not delay.
2. Choose a Plan Type
You have several plan types to choose from, depending on your priorities. HMOs and EPOs are good options if you prefer the lowest cost and don't mind working within a limited provider network. PPOs and Point of Service Plans are your best bet if you want the greatest freedom of selection in care providers.
3. Compare Out-of-Pocket Costs
When choosing between what’s available in your marketplace, don't simply look at the monthly premium. Compare the anticipated yearly out-of-pocket costs for each plan given the types and amounts of health care you expect to need next year. These costs include your copayment amounts, deductibles, and coinsurance figures, in addition to the premium. In other words, the lowest premium plan may not offer the best deal.
4. Compare Benefits
Once you've narrowed down your choices, compare the benefits each offers to see which provides the best coverage for your individual needs. For instance, some plans may not cover the medication you need, which could increase your monthly out-of-pocket considerably. Choose the health insurance policy that provides the best benefits at the lowest out-of-pocket amount.
If you want additional help choosing a health insurance plan, contact the experts at NorthEast Insurance Services in Freehold, NJ. They will work with you to design a policy that meets your lifestyle needs and fits your budget. For further information call (732) 972-1771 ext. 1100 to discuss your options with an experienced insurance agent. You can also visit them online to meet the team and see what sets them apart.